Posts tagged 1%

Add It Up: Taxes Avoided by the Rich Could Pay Off the Deficit
Conservatives force the deficit issue, ignoring job creation, and insisting that tax increases on the rich wouldn’t generate enough revenue to balance the budget. They’re way off. But it takes a little arithmetic to put it all together. 
Individual and small business tax avoidance costs us $450 billion.
Corporate tax avoidance is between $250 billion.
Tax haven losses are at least $337 billion.
That’s enough to pay off a trillion dollar deficit. Reasonable tax changes could nearly pay it off a second time:
A non-regressive payroll tax could produce $150 billion in revenue.
A minimal estate tax brings in another $100 billion.
A financial transaction tax (FTT): up to $500 billion.
Add it all up, and we’ve paid off the deficit, almost twice. More importantly, the avoided taxes and a few other sensible taxes could provide sufficient revenue for job stimulus without cutting the hard-earned benefits of middle-class Americans.

Add It Up: Taxes Avoided by the Rich Could Pay Off the Deficit

Conservatives force the deficit issue, ignoring job creation, and insisting that tax increases on the rich wouldn’t generate enough revenue to balance the budget. They’re way off. But it takes a little arithmetic to put it all together. 

  1. Individual and small business tax avoidance costs us $450 billion.
  2. Corporate tax avoidance is between $250 billion.
  3. Tax haven losses are at least $337 billion.

That’s enough to pay off a trillion dollar deficit. Reasonable tax changes could nearly pay it off a second time:

  1. A non-regressive payroll tax could produce $150 billion in revenue.
  2. A minimal estate tax brings in another $100 billion.
  3. A financial transaction tax (FTT): up to $500 billion.

Add it all up, and we’ve paid off the deficit, almost twice. More importantly, the avoided taxes and a few other sensible taxes could provide sufficient revenue for job stimulus without cutting the hard-earned benefits of middle-class Americans.

Our Ridiculous Approach to Retirement - NYTimes.com

Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. The specter of downward mobility in retirement is a looming reality for both middle- and higher-income workers. Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.

See guys income inequality isn’t hurting anyone. -roll-

LIBOR for Laymen—What is it and why should you care?

What is LIBOR?

The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. LIBOR is simply an interest rate on bank-to-bank loans. That’s really all you need to know.

Like every other borrower, banks have borrowing costs based on their credit-worthiness. The less credit-worthy, the higher the interest rate they have to pay. Just like a car loan.

LIBOR is the calculated average of self-reported, unverified, estimated borrowing costs if banks were to borrow from each other at some theoretical time loosely associated with Now.

LIBOR is the sum of Lies: LIBOR is the average of all lies told by all member banks to (a) make each other think they’re in better shape than they are, and (b) to sweeten the price of deals they’re also on the other side of.

LIBOR presents a false financial picture of the state of its member banks. This means that the banks are manipulating rates affecting hundred of trillions worth of loans and contracts for the benefit of their stock price (which is where much executive compensation is parked).

The consequences for this boggle the mind. For instance, almost every city and town in America has investment holdings tied to Libor. If banks were artificially lowering the rates to beef up their trading profiles, that means communities all over the world were cheated out of ungodly amounts of money.

LIBOR is the next test of Rule of Law in the U.S.

If LIBOR manipulators aren’t hauled into a U.S. court by the U.S. government and made to pay significantly; if there are no criminal prosecutions — just patty-cake wrist-slaps; if guilty LIBOR banks are given the Jon Corzine treatment, what does that say about Rule of Law in the U.S.?

It will say it’s in shreds. 

And more — it will hasten the day when the U.S. government has not just the reality of corrupt capture, but the appearance as well. 

And that leads to no good place.

Look familiar?

Look familiar?

Private Jets Of The Romney Campaign
All of these companies are listed under “TRAVEL: AIR” in Mitt Romney’s January 2012 campaign finance report. In some cases they are private companies that own a single jet. In other cases they are charter jet companies. Amount paid to each company in parenthesis. Total spending on private jets was $1,008,144.23.

Private Jets Of The Romney Campaign

All of these companies are listed under “TRAVEL: AIR” in Mitt Romney’s January 2012 campaign finance report. In some cases they are private companies that own a single jet. In other cases they are charter jet companies. Amount paid to each company in parenthesis. Total spending on private jets was $1,008,144.23.